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Biotech Firm Inks Full-Building Lease in Franklin Park
Biotechnology company Pivot Bio is expanding its Chicago-area operations with a 113,747-square-foot, full-building industrial lease in Franklin Park, IL, within Chicago’s O’Hare industrial submarket. The tenant recently raised $100 million to scale production of its sustainable nitrogen fertilizer.
Avison Young principal Brian Colson and associate Brian Pomorski represented Crow Holdings Industrial, developer and owner of the newly constructed property at 3311 Charles St. Pivot Bio was represented by Terry Herlihy of NAI Hiffman.
“This market transaction demonstrates the resilience and strength of the Chicago industrial real estate market, more specifically, the O’Hare industrial submarket,” said Colson.
Chicago industrial continues to show its strength as growing e-commerce, retail and logistics businesses fuel significant construction and leasing activity, Avison Young says. Net absorption reached 5.4 million square feet in the second quarter, significantly higher than Q1’s 1.4 million square feet and keeping the vacancy rate stable at 6.6%.
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